Ontario caps 2024 rent increases at 2.5 per cent; does not apply to newer units

Most Ontario landlords will be capable to enhance lease by as much as 2.5 per cent subsequent yr.

Municipal Affairs and Housing Minister Steve Clark says the lease enhance guideline for 2024 is ready on the identical charge as for this yr, and he notes that it’s under the typical inflation charge of 5.9 per cent.

The cap doesn’t apply to rental models first occupied after Nov. 15, 2018.

Landlords also can apply to the Landlord and Tenant Board for will increase above 2.5 per cent.

They should additionally give tenants at the very least 90 days’ written discover of a lease enhance and they aren’t allowed to extend the lease greater than yearly.

The authorities set the lease enhance guideline at zero in 2021 in the course of the pandemic and raised it to 1.2 per cent for 2022.

This report by The Canadian Press was first revealed June 30, 2023.